What is Litecoin? - Marvin Germo

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What is Litecoin?

By: Marvin Germo | March 15, 2021

If you have been investing in Bitcoin or Ethereum, you may want to consider Litecoin as another good investment. Nowadays,  cryptocurrencies have been gaining a lot of attention from investors. For some reason, the crypto market is doing very good right. Just recently, Bitcoin hits another all-time high at $61k. Who could have thought Bitcoin would be valued at $61k from $3k last 2018? For sure, anyone who bought in the past years has already accumulated enough wealth from this investment.

Bitcoin and Ethereum are good investments. If you want to discover more about the crypto world, here are my insights about Litecoin.

Litecoin’s history

Litecoin is created in 2011. Its creator was Charlie Lee. Since the day it was created, Litecoin has been in the top 10 cryptocurrencies with the largest capitalization. The main reason why Litecoin is created is that its creator wanted digital money which is cheaper than Bitcoin. Since Litecoin is already in the market now, you can buy it like Bitcoin and Ethereum. It’s a good alternative where you can put your money in case you want to diversify your investment. When investing in crypto, I suggest you put it in multiple cryptocurrencies to reduce the risks.

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How Litecoin works

Litecoin works like any other cryptocurrencies. You use real money to buy it through a crypto platform. You can store it in a wallet and let it accumulate. To start investing in Litecoin, you need to find a platform where you can do the transaction. You can actually invest and trade Litecoin at the same time. I suggest you look for a platform for investing and another for trading. This is so you can separate your two activities and avoid confusion. It’s easier to buy Litecoin as well if you know what your goals in investing and trading are.

Earning through Litecoin

Now, the most exciting part about Litecoin is how you can earn from it. There are two ways you can earn from Litecoin—by buying it or short-selling it. Like any other investments, you can earn from Litecoin when you buy low and sell high. For example, if you buy Litecoin at a price of $200 and then after a month the price jumps to $300, then you have a pretty good amount of profit here. Another way is by short-selling. Unlike stocks in the Philippines, crypto platforms allow you to sell crypto with charges. For example, you can bet that the price of Litecoin will go down from $200. If the price goes down to $180, then you can now close the trade if you are happy with the profit.

For those who are interested in short-term investing, you may trade Litecoin. You can use a platform to trade like eToro. But, if you wish to hold this digital money for the long-term, you should use a digital wallet to store it. Digital wallets are offered by different platforms. You may use, for example, Binance.

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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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